If Apple Lost Jobs

Well-run company boards should be thinking about and planning for succession all the time -- and it's doubly important for a company that's heavily associated with one person, some say.

Microsoft (MSFT Quote), for example, has appeared to weather a change in leadership without taking a dramatic hit to its shares or to the perception of its future prospects.

Apple observers say that while there is a perception that the company would fall apart without Jobs, it's unlikely.

"Investors can actually become familiar with transitions even with companies that have great and storied executives," says Chirag Vasavada, an investment analyst with T. Rowe Price, which holds Apple shares.

Investors would have an initial emotional reaction if Jobs were to leave, but "stocks ultimately move around their fundamental value," he says. "If Jobs leaves, it's not necessary that Apple falls apart. The perception might be that."

Still, it seems prudent to some investors that the company consider not putting all its focus on Jobs.

"We'd like to see more visible leaders within Apple," says Jim Grossman, an equity analyst with Thrivent Asset Management, which holds Apple shares.

"Their secrecy makes people think that Steve Jobs is the only brilliant guy [at Apple]," Grossman says. "There are a lot of smart people working there.

"It's not just him, but he is a big deal."